Accounting News and Notes

Suwanee/Duluth/Gwinnett/Atlanta CPA on Advises on Back Taxes and Tax Problem Resolution for Atlanta Taxpayers 

For those in the midst of addressing IRS tax issues and trying to evaluate between an Offer of Compromise or an Installment plan, frequently the options look bleak, as often they are. However there is good news for those who are desirous to look “outside the box” in looking to solve your IRS tax problems. Knowing the ins and outs of varying programs will do much to help you know what is in your best interest. My best advice is to encourage personal or business taxpayers who owe more than $10,000 to the IRS or GA/State is to seek out a CPA who is well experienced in such matters. Below is a sample letter that might be sent on behalf of a business client seeking to address unpaid payroll taxes, unfiled reports and Civil Penalty Assessments: 

IRS, Atlanta GA 39901 

I am writing you in a good faith attempt to come to terms over the above taxpayers’ present predicament and to address all the monies they presently have open with the IRS, including both payroll taxes and income taxes.  I am willing/eager to supply you with any information that you might need in order to process their case and to pay any and all outstanding monies.  

I have previously forwarded a copy of their previously filed 2009 corporate income tax return. I also in my prior letter forwarded, a copy of their detailed fixed asset schedule as of 12/31/09,their 2009 financial statements and Form 433B for your review. 

Enclosed please find a check for $3,000 to be applied as follows:

Form 941 for 1-31-09        $ 1000.

Form 941 for 3-31-10           2000.

Total Check Enclosed        $3000. 

I have enclosed copies of the 2009 W-2’s in question for which taxpayer advised me that they had timely filed. Accordingly please abate the previously assessed penalties. I look forward to working with you to satisfactorily address all open client monies and to get all of their returns filed. 

Sincerely, John C. Dillard, CPA, PC, Partner in Charge

Psalm 33:5  The LORD loves righteousness and justice; the earth is full of his unfailing love.

 John Dillard, CPA of His CPA, PC (An Atlanta Christian CPA firm) 1940 Woods River Lane, Duluth, GA 30097  Phone 770-814-9304   http://www.hiscpa.com/    http://www.john-dillard.com/ To retain John Dillard CPA (An Atlanta Christian Speaker/Author) for your business group or church congregation, you can contact him today at 770.814.9304 

His CPA PC…A Christian Atlanta CPA Firm: Never Underestimate the Long-Term Benefits. Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it! 

Serving Atlanta, Duluth, Gwinnett, Barrow, Bartow, Carroll, Cherokee, Clayton, Coweta,  Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Newton, Paulding, Pickens, Rockdale, Walton, Barrow, Bartow, Carroll, Henry, Newton, Bartow, Walton, Rockdale, Barrow, Spalding, Coweta, Dawson, Douglas, Fayette, Newton, Paulding, Spalding, Walton, Henry, Paulding, Douglas, Coweta, Canton, Covington, Douglasville, Druid Hills, East Point, Forest Park, Griffin, Lithonia, Mableton, McDonough, Milton, Mountain Park, Newnan, Powder Springs, Stockbridge, Union City, Villa Rica, Winder, Woodstock,  Smyrna, Sandy Springs, Marietta, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, North Fulton County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Milton, Norcross, Snellville, Roswell, Buford, Cumming, Grayson, Lake Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, Dunwoody, Gainesville, Decatur, Atlanta GA, Gwinnett County, North Fulton County, Cherokee County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Marietta, Milton, Norcross, Snellville, Roswell, Buford, Smyrna, Marietta, Cumming, Grayson, Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Decatur. Sandy Springs, Peachtree City, Douglasville, Newnan, Griffin, Woodstock, Carrollton, Forest Park, Canton, College Park, Cartersville, McDonough, Riverdale, Fayetteville, Covington, Stockbridge, Conyers, Clarkston, Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Coweta, Dawson, and Douglas.

Alpharetta/Duluth/Suwanee CPA on Understanding the “Ins & Outs” of  Business Tax Returns

Discover what type of returns your corporation is required to file and its corresponding due dates ensuring that you do not miss an important deadline resulting in unnecessary penalties and interest. Many service businesses opt to file their tax returns on a cash basis, which results in a client not paying taxes on their accounts receivable or deducting their accounts payable until paid. This is especially advantageous for profitable businesses that qualify, since they will not bear the additional tax burden of paying taxes on billed but yet still uncollected accounts receivable. Often cash needs of a rapidly growing business put an inordinate strain on the availability of funds, and the selection of this method will greatly help as it is very difficult to pay taxes on monies one has not yet collected. Below is sample letter that might be used to help Atlanta Business Owners and Entrepreneurs file their corporate income tax returns.

In reviewing the data for your corporate returns I need: 

-To know the amount of medical insurance premiums covering your family. 

-I need a copy of your yearend balance sheet but before you send it please make the below corrections/notations: 

- Debit due to Shareholder and Credit Common Stock for $500.

- Be sure that your retained earnings equals a negative $10,500. 

-Forward me a copy of your W-3 or a payroll report showing total wages for all employees. 

ASAP after I get the above I will complete the corporate return. 

Below are articles that you will find useful in addressing issues on your personal income tax returns, as well.

Determining Your Adjusted Gross Income (AGI)
The first page of Form 1040 is used to calculate the taxpayer’s adjusted gross income. While many people think of their income as what is reported on form W-2, there are some other additions (and possibly some deductions) that have to be made as well. See http://www.hiscpa.com/agi.html

Claiming Itemized Deductions on Your Tax Return
Itemizing deductions on your personal return can result in paying a smaller tax. However the rules on what can be deducted and what can’t are fairly strict. Use this guide to determine what’s deductible. See http://www.hiscpa.com/itemized-deductions.html

How Long Should I Save Tax Records?
Lift up the veil and discover how long and what types of records you should retain and for how long are often the point of consternation for many taxpayers. Learn what you need to keep so that you are never unduly surprised if ever asked to reproduce documents. Visit http://www.hiscpa.com/tax-records.html

Matthew 7:24  ”Therefore everyone who hears these words of mine and puts them into practice is like a wise man who built his house on the rock. 

John Dillard, CPA of His CPA, PC (An Atlanta Christian CPA firm) 1940 Woods River Lane, Duluth, GA 30097  Phone 770-814-9304   http://www.hiscpa.com/    http://www.john-dillard.com/ To retain John Dillard CPA (An Atlanta Christian Speaker/Author) for your business group or church congregation, you can contact him today at 770.814.9304 

His CPA PC…A Christian Atlanta CPA Firm: Never Underestimate the Long-Term Benefits 

Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it! 

We advise clients on: IRS representation, Offer in Compromise, Tax Problems, Incorporation in Georgia, Corporate and Personal Income Tax Returns, Part-time CFO, Virtual Controller, Business Planning, Offer in Compromise, Back Taxes, Business Acquisitions/Sales, Forensic Accounting, Business Valuations and Bookkeeping

Atlanta/Gwinnett/Duluth CPA Provides Top 10 Tax Tips to Successful IRS Representation/Audit Resolution/Tax Advocacy 

Having been a CPA for the better part of three decades and having worked with thousands  and thousands of tax returns over that time I have learned that there are several key areas of representation issues where taxpayers struggle and most often fail at addressing key tax representation issues. 

Top Ten Tax Tips to Successful IRS Representation

1. Business Tax Returns Not Prepared by a Qualified CPA. Don’t underestimate the importance of the CPA designation. Remember, those three letters are awarded only to those individuals who have passed a rigorous two-day uniform national examination. In addition, CPAs are distinguished from other accountants by stringent state licensing requirements. Most states require CPAs to have at least a college degree or its equivalent, but several also require post-graduate work. The most frequently improperly prepared returns I see are business returns signed by a prepare who is not a duly licensed and certified CPA.

2. Improper Entity Selection. Your initial choice of entity is perhaps the most important tax, financial and legal decision you might ever reach. Being well versed in these areas is essential to a wise and prudent decision. Carefully considering the tax effects of your entity choice is essential to getting your business off on the right foot. Being careful to avoid, if at all possible, the double taxation of C Corporations and then selecting the right entity for your business from both a tax and legal perspective is critical. Frequently it is tax advantageous for business setting up initially as an LLC or a C Corporation to make a tax election to convert to an S Corporation for tax purposes, by filing IRS Tax Form 2553. 

3. Automobile Mileage Logs. Generally I recommend that all clientele buy their vehicles personally and then turn in expense reports to get reimbursed for their business miles using the IRS’s statutory mileage rate.  Primarily this is an advantage because it almost always results in a larger tax deduction than if the car were purchased and depreciated in the corporate name. IRS tax law requires all taxpayers to keep a day-by-day log to support the business miles claimed and personal miles utilized. I have found that the easiest place to track and record this information is on my business calendar. 

4. Integrity & Value. I had always felt it was my mission to witness to those I came in contact with in both my business and social contacts, but God continued to lay it on my heart that He wanted much more. God is calling wants us to be much more overt, but loving, to share the love of God and to live our live with Integrity and Value for not only the work we do but most importantly with the lives we intersect. As Believers we should all constantly search for opportunities as we are Taking Christianity Into the World. 

5. Handling Your Own Audit. A satisfactory and successful audit process will include many factors and variables consisting of, first and foremost, calling your CPA. A CPA, who is familiar with you, your business and tax law is far more apt to successfully close an audit with no changes. Your Certified Public Accountant is the absolute best choice to address your audit and to better represent you and your business’s issues to the IRS using both the law and knowledge of your business to your best advantage. 

6. Determining Valid Business Deductions. It should be clear from an independent observer that a deduction was incurred for the furtherance of the business, and was a “necessary” expenditure of the business.  This would include all expenditure of the company. For all expenditures $75 the IRS requires that a receipt is required.   

7. Poor Financials & Record Keeping. Each and every hour of a business owner’s day, there are a series of insignificant and important thoughts and directions that directly impact the profitability of a business. Continually you are faced with making a positive impact towards bringing your business closer or further away from your goal. A company’s financial statement is the measuring stick by which you are able to gauge a company’s progress along the business continuum and are able to accurately measure the distance between where you are and where you want to be. 

8. Utilization of a Payroll Service. Payroll is the largest and most burdensome administrative responsibility for a business owner. Whether you have one employee or a thousand, both the IRS and your state has a myriad of payroll reports and deadlines for which you are required to complete. Unfortunately there is not a one-stop shop to pay and report all of the varying deadlines and taxes. However, there is a solution that makes the reporting of payroll dramatically more seamless than if you strive to go it on your own. 

9. Using Tax Software.  If you have ever performed your own major surgery without being a duly licensed and trained doctor or if you have ever attempted to fly to the moon without being either a highly skilled pilot or astronaut then you might want to fly full steam ahead. As a CPA I have learned and continue to learn that I do not know what I do not know and that buying technology to help me get there faster is akin to using speed dial to dial wrong numbers faster. Just as the tools of a skilled surgeon will not enable me the skills, knowledge, verve and wisdom of a Board Certified Physician, neither will a software program make you a skilled CPA:  Never Underestimate the Value.

10. Talking to the IRS. Most often it is advantageous for the CPA alone to meet with the IRS so as to remove any emotional issues, which might otherwise surface and dampen the ability to successfully and quickly resolve the process. Frequently when taxpayers strive to handle their own audit by themselves they fail to sense and adequately address the issues the IRS request; thereby causing themselves unnecessary hardships and economic loss. 

Tour our on line articles to help you get informed about IRS Representation Issues

http://www.hiscpa.com/irs-selection.html Atlanta/Marietta CPA Teaches How Audits Are Selected
http://www.hiscpa.com/irs-audit.html Gwinnett/Forsyth CPA Advises on How to Handle IRS Audits
http://www.hiscpa.com/working-with-the-irs.html Atlanta/Cobb Christian CPA on IRS Representation
http://www.hiscpa.com/paying-taxes.html Gwinnett/Suwanee CPA on Paying Your Taxes and Extensions
http://www.hiscpa.com/avoiding-audits.html Duluth/Cumming/Forsyth CPA on How to Avoid IRS Audits
http://www.hiscpa.com/offer-in-compromise.html Atlanta/Cobb CPA Advises on Offer of Compromise, Back Taxes and IRS Problem Resolution 

John Dillard, CPA of His CPA, PC (An Atlanta Christian CPA firm) 1940 Woods River Lane, Duluth, GA 30097  Phone 770-814-9304   http://www.hiscpa.com/    http://www.john-dillard.com/ To retain John Dillard CPA (An Atlanta Christian Speaker/Author) for your business group or church congregation, you can contact him today at 770.814.9304 

His CPA PC…A Christian Atlanta CPA Firm: Never Underestimate the Long-Term Benefits 

Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it! 

We advise clients on: IRS representation, Offer in Compromise, Tax Problems, Incorporation in Georgia, Corporate and Personal Income Tax Returns, Part-time CFO, Virtual Controller, Business Planning, Offer in Compromise, Back Taxes, Business Acquisitions/Sales, Forensic Accounting, Business Valuations and Bookkeeping

Award Winning Duluth/Johns Creek/Suwanee CPA…Taking Christianity Into the World

Great Day of Service…Feeding the Homeless of Atlanta

We are so excited about serving alongside you this coming Saturday during our Great Day of Service.  Please keep this day, our team, and the homeless we will meet in your prayers.  It will be an awesome, humbling experience and we are so blessed to have you as part of this team. 

Here is the schedule: Friday night dinner at 7:00PM at the church.
Saturday morning at 10:00AM meet at the church to have communion and to make 200 sandwiches to take along with us. From there we will caravan down to Cleveland Avenue and go under the bridges of downtown Atlanta to serve the homeless of Atlanta/The Lost, the Last and the Least.  

If you have any clothes, jackets, Bibles, hats, sleeping bags, blankets, large bags etc. you would like to give away, please bring them on Saturday. Please wear comfortable shoes with good tread and comfortable clothing.  Layers usually work best if it is cool out.  If raining, please wear a rain jacket  w/hood (umbrellas won’t go under the bridges)

Thank you for your open and willing heart and we look forward to seeing you on Saturday. Sugarloaf United Methodist Church , 1795 Old Peachtree Rd, Duluth , GA 30097,  Tel 678-684-6000  

Pastor 7 with 7 Bridges to Recovery is doing great things to Feed the Homeless of Atlanta while spreading the word of God. I suggest you go down and see what he is doing on the weekends to take the message to the streets of Atlanta. I believe he would be a great speaker to the whole congregation and Discipleship Groups as people are looking for opportunities to get real with their faith by being the very Hands and Feet of Jesus Christ.  You can read about his Ministry at http://www.7bridgestorecovery.org/home_page.html   We are actively involved in going and supporting Pastor 7 and the great work he is doing to Serve the Lost, the Last & the Least.  

John Dillard, CPA of His CPA, PC (An Atlanta Christian CPA firm) 1940 Woods River Lane, Duluth, GA 30097  Phone 770-814-9304   http://www.hiscpa.com/    http://www.john-dillard.com/ 

Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it! 

To retain John Dillard CPA (An Atlanta Christian Speaker/Author) for your business group or church congregation, you can contact him today at 770.814.9304

Duluth GA/Johns Creek/Suwanee CPA Advises Atlanta Business Owners/Entrepreneurs on Bookkeeping & Financial Statement Issues

Financial statements are often misused and abused. They are often ornately presented with accountant’s opinions ranging from audits to compilations. Often we even find a statement of cash flows and financial footnotes. I believe that financial statements without narratives, analysis of trends, and a review of expenditures are nothing more than formal proof that the bank account has been reconciled and that everything balances. Data without thorough critique is useless.

What do these statements tell us? Numbers and data when prettily presented often are an accountant’s representation of the financial status of an entity. Below is a sample narrative we might send a business owner to help them ensure that their bookkeeping and accounting is both correct and current:

Got your data for your returns and had the below critiques to your internal data: 

-Please move the monies in Equipment and Other Depreciable Assets to the Fixed Assets Account. 

Please as of 12-31-09 post the below Journal Entries: 

-Please debit Depreciation Expense on the Profit and Loss and Credit Accumulated Depreciation for $5000 to record this year’s Depreciation 

-It appears that $10,000 of the monies in the Shareholder Distributions account is for the 2008 tax year. If this is so, please Debit Retained Earnings and Credit Shareholder Distributions for $10,000. After you have done this the monies remaining in Shareholder Distributions should be for this year only and the Retained Earnings account should be $2000. 

Please be reminded that tax law requires you to take reasonable compensation, in the form of salary, for your services to the corporation. Please forward to me copies of all W-2’s and the W-3 the company issued for 2009. 

When you get the above ready please get to me the Standard Balance Sheet and Profit and Loss and I will finish the return ASAP.

Utilizing a payroll service will do much to make this administratively burdensome process more seamless than if you strive to go it on your own. To learn more visit http://www.hiscpa.com/payroll.html

Knowing what is a legal tax deduction and the documentation thereof is essential to sound business management. To see  how you can be ready http://www.hiscpa.com/business-expenses.html

Ensure that your workers are properly classified predominantly to ensure that there are no workers, who are truly employees, that you are in error classifying as employees, visit  http://www.hiscpa.com/independent-contratctor.html

A Christian CPA Firm: Never Underestimate the Long Term Benefits 

To learn more about addressing IRS Tax Issues and Back Tax Returns visit http://www.hiscpa.com/working-with-the-irs.html 

John Dillard is an Christian Speaker/Author and an Atlanta CPA. To See how he takes Christ along with him to work visit http://www.hiscpa.com/ and for his latest book Overcoming Life’s 9/11’s: Job’s Journey and a Voice of One: Nehemiah’s Prayer visit http://www.john-dillard.com/ or call John Dillard CPA today at 770.814.9304 (All Rights Reserved) Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!    

We advise clients on: IRS representation, Offer in Compromise, Tax Problems, Incorporation in Georgia, Corporate and Personal Income Tax Returns, Part-time CFO, Virtual Controller, Business Planning, Offer in Compromise, Back Taxes, Bookkeeping.

Serving Atlanta, Duluth, Gwinnett, Barrow, Bartow, Carroll, Cherokee, Clayton, Coweta,  Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Newton, Paulding, Pickens, Rockdale, Walton, Barrow, Bartow, Carroll, Henry, Newton, Bartow, Walton, Rockdale, Barrow, Spalding, Coweta, Dawson, Douglas, Fayette, Newton, Paulding, Spalding, Walton, Henry, Paulding, Douglas, Coweta, Canton, Covington, Douglasville, Druid Hills, East Point, Forest Park, Griffin, Lithonia, Mableton, McDonough, Milton, Mountain Park, Newnan, Powder Springs, Stockbridge, Union City, Villa Rica, Winder, Woodstock,  Smyrna, Sandy Springs, Marietta, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, North Fulton County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Milton, Norcross, Snellville, Roswell, Buford, Cumming, Grayson, Lake Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, Dunwoody, Gainesville, Decatur, Atlanta GA, Gwinnett County, North Fulton County, Cherokee County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Marietta, Milton, Norcross, Snellville, Roswell, Buford, Smyrna, Marietta, Cumming, Grayson, Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Decatur. Sandy Springs, Peachtree City, Douglasville, Newnan, Griffin, Woodstock, Carrollton, Forest Park, Canton, College Park, Cartersville, McDonough, Riverdale, Fayetteville, Covington, Stockbridge, Conyers, Clarkston, Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Coweta, Dawson, and Douglas.

Alpharetta/Lawrenceville/Suwanee CPA Helps Taxpayers Understand Tax Penalty Assessment and the IRS Statute of Limitations on Collection of Unpaid Taxes… The IRS/Tax Representation Series

Providing Atlanta With Bookkeeping, Accounting Needs & Financial Statements for Decades

This is the latest article of A Financial Survivability Series. Taxpayers who do not file and pay their tax by the returns due date will be assessed a penalty. Penalties come in both as an assessment for failure to file and failure to pay. If you cannot pay all the taxes owed, you should still file your tax return and pursue payment options with the IRS. The penalty for filing late is five percent of the unpaid taxes for each month of part of a month that a return is late and will not exceed twenty-five percent of the taxpayer’s unpaid taxes. The failure-to-pay penalty is ½ of one percent of your unpaid taxes for each month or part of a month after the due date that the taxes are not paid. The IRS will consider penalty abatement for taxpayers who can show and prove reasonable cause.

The Statute of Limitations for the IRS to collect unpaid taxes is ten years from the date of the original return or the date of the assessment of the tax by the Internal Revenue Service. Please note that this statute does not start until either the return is filed or the tax year is assessed by the IRS, thus if you have not yet filed for tax years beyond ten years from today and the IRS has not yet assessed the tax year monies, the 10 Year Statute of Collections has not started and the monies are still current, due and payable.

There are many options to deal with open taxes and to address with the IRS any open monies due. These articles will do much to enlighten and enable you to satisfactorily address any open tax issue monies. Working with a seasoned and qualified CPA who is well versed in tax matters should always be your best and first choice.

How Audits are Selected
Learning about how audits are selected is the first step to discovering how to overcome the emotional and financial distress that normally occurs as part of the audit process. Lifting this veil will help keep you on an even keel in learning how to deal with the IRS audit. Visit http://www.hiscpa.com/irs-selection.html

When the IRS Notice Arrives
Rather than beginning the process in fear, discover how you can better prepare yourself so that you are not surprised at the audit process and its ultimate results. By seeing through to the other side you can best ready yourself to close your audit with no adjustments and no additional monies due. See http://www.hiscpa.com/irs-audit.html

Solving Atlanta IRS Tax Issues
Don’t fight the IRS but work with them to resolve your tax problems. Discover a myriad of legal ways the IRS is eager and willing to work with you to resolve any unpaid debts, penalties, and interest. To learn more http://www.hiscpa.com/working-with-the-irs.html

Paying Your Taxes – Withholding & Extensions for Metro Atlanta Taxpayers
Paying your taxes made easy. This section will enable you to quickly grasp the general guidelines of tax law requiring that you pay taxes as you earn money. As well, extensions and their uses and limitations are disclosed and discovered. Visit http://www.hiscpa.com/paying-taxes.html

John Dillard is an Christian Speaker/Author and Duluth/Alpharetta CPA. To See how he takes Christ along with him to work visit http://www.hiscpa.com/ and for his latest book Overcoming Life’s 9/11’s: Job’s Journey and a Voice of One: Nehemiah’s Prayer visit http://www.john-dillard.com/ or call John Dillard CPA today at 770.814.9304 (All Rights Reserved) Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!  

We advise clients on: IRS representation, Offer in Compromise, Tax Problems, Incorporation in Georgia, Corporate and Personal Income Tax Returns, Part-time CFO, Virtual Controller, Business Planning, Offer in Compromise, Back Taxes, Bookkeeping.

Serving Atlanta, Duluth, Gwinnett, Barrow, Bartow, Carroll, Cherokee, Clayton, Coweta,  Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Newton, Paulding, Pickens, Rockdale, Walton, Barrow, Bartow, Carroll, Henry, Newton, Bartow, Walton, Rockdale, Barrow, Spalding, Coweta, Dawson, Douglas, Fayette, Newton, Paulding, Spalding, Walton, Henry, Paulding, Douglas, Coweta, Canton, Covington, Douglasville, Druid Hills, East Point, Forest Park, Griffin, Lithonia, Mableton, McDonough, Milton, Mountain Park, Newnan, Powder Springs, Stockbridge, Union City, Villa Rica, Winder, Woodstock,  Smyrna, Sandy Springs, Marietta, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, North Fulton County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Milton, Norcross, Snellville, Roswell, Buford, Cumming, Grayson, Lake Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, Dunwoody, Gainesville, Decatur, Atlanta GA, Gwinnett County, North Fulton County, Cherokee County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Marietta, Milton, Norcross, Snellville, Roswell, Buford, Smyrna, Marietta, Cumming, Grayson, Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Decatur. Sandy Springs, Peachtree City, Douglasville, Newnan, Griffin, Woodstock, Carrollton, Forest Park, Canton, College Park, Cartersville, McDonough, Riverdale, Fayetteville, Covington, Stockbridge, Conyers, Clarkston, Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Coweta, Dawson, and Douglas.

Award Winning Atlanta CPA Serving Suwanee/Tucker/DeKalb on Successful IRS Negotiations: Obtaining $80,000 Refund 

We just received notice that the IRS issued a check to refund one of our Atlanta based clients over $80,000. “Though it took a bit longer than expected,” the client was able to deposit the monies back into their accounts and to gain a refund from the IRS which ultimately resulted in a tax savings to a client of approximately $80,000 in tax savings dollars.

The IRS has long had a process where a company who was an LLC or a C Corporation and who desires to be an S Corporation to make an election to do so. This process is documented and performed by the filing of IRS Form 2553, which is the Election to be a Small Business Corporation. To file for S Corporation status the easy way, this election should be filed within 75 days of incorporation date (if an new company) or within seventy-five days of the tax year to which it relates. S Corporations status allows for the legal avoidance of “double taxation” as C Corporations have to pay taxes first at the corporate level on any retained profits and then again at the shareholder level when monies are paid out to owners in either the form of dividends or salaries. LLC’s continue to be responsible to pay FICA/Medicaid taxes on all of their net earnings out of the business, whereas an S Corporation are only required to pay these FICA/Medicaid taxes on salaries paid out to all employees, including active employee owners. Care should be exercised as tax law requires that all active employee owners take a fair and reasonable salary given position and profit. 

If you fail to make the seventy-five day time requirement the IRS has long had a process where one you can formally appeal requesting the S Corporation date you prefer. Care should be taken when performing this procedure and working with a CPA is your best bet to ensure that your S Election request is granted. Talking with the IRS about any substantive tax issue that it is widely recommended that you sign a Power of Attorney, which if Form 2848, to have your CPA talk to the IRS on your behalf, which will dramatically and exponentially ensure a higher success rate than going it alone. 

http://www.hiscpa.com/what_we_do.htm Atlanta/Northpoint CPA Financial Accounting Services
for Small Business and Individuals
http://www.hiscpa.com/small_business_plans.html Writing Georgia Business Plans for Over 30 Years by Johns Creek/Northpoint CPA
http://www.hiscpa.com/marketing_plans.html Johns Creek/Northpoint CPA Helps with Business Marketing Plans

John Dillard is a Christian Speaker/Author and Certified Public Accountant (All Rights Reserved). To See how he takes Christ along with him to work visit http://www.hiscpa.com/ (An Atlanta CPA firm) and for his latest book Overcoming Life’s 9/11’s: Job’s Journey and to learn about his ministry visit http://www.john-dillard.com/ To contact John Dillard CPA (Atlanta Christian Author/Speaker) today call 770. 814.9304 proudly serving Duluth, GA, Gwinnett County and Beyond. 

“Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!” What, then, shall we say in response to this? If God is for us, who can be against us? Romans 8:31 Why are these verses here? Learn how His CPA became a Christian Accounting firm visit http://www.hiscpa.com/christian-CPA.html 

Helping Clients with Corporate & Personal Income Taxes, Incorporation Advice, Tax Planning, Virtual CFO, Financing, Business Plans, Back Taxes, Offer in Compromise, Tax Advocacy, Business Acquisitions & Sales, Business Plans, and IRS Representation.

Serving Atlanta, Duluth, Gwinnett, Barrow, Bartow, Carroll, Cherokee, Clayton, Coweta,  Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Newton, Paulding, Pickens, Rockdale, Walton, Barrow, Bartow, Carroll, Henry, Newton, Bartow, Walton, Rockdale, Barrow, Spalding, Coweta, Dawson, Douglas, Fayette, Newton, Paulding, Spalding, Walton, Henry, Paulding, Douglas, Coweta, Canton, Covington, Douglasville, Druid Hills, East Point, Forest Park, Griffin, Lithonia, Mableton, McDonough, Milton, Mountain Park, Newnan, Powder Springs, Stockbridge, Union City, Villa Rica, Winder, Woodstock,  Smyrna, Sandy Springs, Marietta, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, North Fulton County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Milton, Norcross, Snellville, Roswell, Buford, Cumming, Grayson, Lake Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, Dunwoody, Gainesville, Decatur, Atlanta GA, Gwinnett County, North Fulton County, Cherokee County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Marietta, Milton, Norcross, Snellville, Roswell, Buford, Smyrna, Marietta, Cumming, Grayson, Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Decatur. Sandy Springs, Peachtree City, Douglasville, Newnan, Griffin, Woodstock, Carrollton, Forest Park, Canton, College Park, Cartersville, McDonough, Riverdale, Fayetteville, Covington, Stockbridge, Conyers, Clarkston, Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Coweta, Dawson, and Douglas.

Suwanee/Buford CPA Provides Tax and Business Directory for Atlanta Business Owners

When was the last time you got any good FREE Business and Tax Management Information you can use 24 Hours a day & 7 Days a week.

http://www.hiscpa.com/irs-selection.html Atlanta/Marietta CPA Teaches How Audits Are Selected
http://www.hiscpa.com/irs-audit.html Gwinnett/Forsyth CPA Advises on How to Handle IRS Audits
http://www.hiscpa.com/working-with-the-irs.html Atlanta/Cobb Christian CPA on IRS Representation
http://www.hiscpa.com/paying-taxes.html Gwinnett CPA on Paying Your Taxes and Extensions
http://www.hiscpa.com/avoiding-audits.html Duluth/Cumming/Forsyth CPA on How to Avoid IRS Audits
http://www.hiscpa.com/offer-in-compromise.html Atlanta/Cobb CPA Advises on Offer of Compromise, Back Taxes and IRS Problem Resolution
http://www.hiscpa.com/comparing-tax-methods.html Gwinnett/Forsyth CPA on National Sales & Flat Tax
http://www.hiscpa.com/article6.html Gwinnett/Hall CPA Advises on Tax Effects of Entity Choice
http://www.hiscpa.com/about_us.htm Providing Accounting and Tax Services to Georgia Businesses for Over Thirty Years by Gwinnett/Atlanta CPA
http://www.hiscpa.com/irs-representation.html Georgia IRS Representation, Offers in Compromise and Back Taxes by Snellville/Lawrenceville CPA
http://www.hiscpa.com/testimonials.htm What Clients of John Dillard, (An Atlanta Christian CPA) Have to Say
http://www.hiscpa.com/tax-services.html Atlanta/Cobb CPA Tax Preparation and Planning Services
http://www.hiscpa.com/what_we_do.htm Atlanta/Northpoint CPA Financial Accounting Services
for Small Business and Individuals
http://www.hiscpa.com/small_business_plans.html Writing Georgia Business Plans for Over 30 Years by Johns Creek/Northpoint CPA
http://www.hiscpa.com/marketing_plans.html Johns Creek/Northpoint CPA Helps with Business Marketing Plans
http://www.hiscpa.com/management_plans.html Atlanta Johns Creek/Northpoint Christian CPA Helping with Budgets for Over 30 Years

And this is only some of the information available on our web site. You also have at our blog a host of other varied and timely tax and business management issues you can use. 

John Dillard, CPA of His CPA, PC (An Atlanta Christian CPA firm) 1940 Woods River Lane, Duluth, GA 30097  Phone 770-814-9304   http://www.hiscpa.com/    http://www.john-dillard.com/ 

Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it! 

To retain John Dillard CPA (An Atlanta Christian Speaker/Author) for your business group or church congregation, you can contact him today at 770.814.9304 

We advise clients on: IRS representation, Offer in Compromise, Tax Problems, Incorporation in Georgia, Corporate and Personal Income Tax Returns, Part-time CFO, Virtual Controller, Business Planning, Offer in Compromise, Back Taxes, Business Acquisitions/Sales, Forensic Accounting, Business Valuations and Bookkeeping.

Serving Atlanta, Duluth, Gwinnett, Barrow, Bartow, Carroll, Cherokee, Clayton, Coweta,  Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Newton, Paulding, Pickens, Rockdale, Walton, Barrow, Bartow, Carroll, Henry, Newton, Bartow, Walton, Rockdale, Barrow, Spalding, Coweta, Dawson, Douglas, Fayette, Newton, Paulding, Spalding, Walton, Henry, Paulding, Douglas, Coweta, Canton, Covington, Douglasville, Druid Hills, East Point, Forest Park, Griffin, Lithonia, Mableton, McDonough, Milton, Mountain Park, Newnan, Powder Springs, Stockbridge, Union City, Villa Rica, Winder, Woodstock,  Smyrna, Sandy Springs, Marietta, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, North Fulton County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Milton, Norcross, Snellville, Roswell, Buford, Cumming, Grayson, Lake Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, Dunwoody, Gainesville, Decatur, Atlanta GA, Gwinnett County, North Fulton County, Cherokee County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Marietta, Milton, Norcross, Snellville, Roswell, Buford, Smyrna, Marietta, Cumming, Grayson, Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Decatur. Sandy Springs, Peachtree City, Douglasville, Newnan, Griffin, Woodstock, Carrollton, Forest Park, Canton, College Park, Cartersville, McDonough, Riverdale, Fayetteville, Covington, Stockbridge, Conyers, Clarkston, Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Coweta, Dawson, and Douglas.